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| | | CORPORATE LAWS UPDATES
- Amendments in Notification No GSR 555(E) dated 26.7.2001 (GSR No. 113(E)
dated 28.02.2008)
In exercise of the power conferred by sub-section (1) of section 637A of the
Companies Act, 1956 (1 of 1956), the Central Government has amended the
notification of the Government of India in the erstwhile Ministry of Law,
Justice and company Affairs (Department of Company Affairs) number GSR 555(E)
dated the 26th July, 2001 published in the Gazette of India, Part II,
Section 3 Sub-section (i) dated the 26th July 2001.
- Companies (Accounting Standards) Amendment Rules, 2008 (GSR No. 212(E) dated 27th March 2008)
In exercise of the powers conferred by sub- section (1) of section 642 read
with sub-section (1) of section 210A and sub section (3C) of section 211 of
the Companies Act 1956 (1 of 1956), the Central Government in consultation
with the National Advisory Committee on Accounting Standards made the Companies
(Accounting Standards) Amendment Rules 2008 to amend the Companies (Accounting Standards)
Rules 2006. These amended Rules have come into force on the date of their
publication in the Official Gazette.
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- Rescission of General Circular No. 13 of 2007 dated 27-9-2007 (General Circular no. 1/2008 dated 1st July 2008)
The Central Government via General Circular no. 1/2008 dated Ist July 2008 intimated the Hon'ble Company Law Board order dated 7-5-2008 granting the Central Government permission to withdraw the General Circular no. 12 of 2007 dated 27th Sept 2007.
Thus the procedure for seeking condonation of delay in terms of Section 141 of the Companies Act 1956 as it stood period to 27-10-2007 would come into force from 6th July 2008.
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- Companies declared to be Nidhis(GSR 329(E) dated 1.5.2008)
In exercise of the powers conferred by sub section 620A of the Companies Act 1956 (1 of 1956) the Central Government declared a list of companies to be Nidhis.
- Officers in SFIO (GSR No. 374(E) dated 13.5.2008)
In exercise of the powers conferred by sub section (1) of section 621 of the Companies Act 1956 (1 of 1956), the Central Government has authorized list of officers in the Serious Fraud Investigation Office ('SFIO), Ministry of
Corporate Affairs for the purpose of filling and conducting prosecution under the Companies Act 1956.
- The Competition Appellate Tribunal (Term of the Selection Committee and the manner of selection of panel of names) Rules, 2008 (GSR No 387(E) dated 16.5.2008)
In exercise of the powers conferred by clauses (mb) of sub section (2) of section 63 read with sub section (2) of section 53E, of the Competition Act 2002 (12 of 2003) the Central Government has made the Competition Appellate Tribunal (Terms of the Selection Committee and the manner of selection of panel of names) Rules, 2008. These rules have come into force on the date of their publication in the official Gazette.
- Constitution of National Advisory Committee on Accounting Standards (Notification SO 1270(E) dated 30.5.2008)
In exercise of the powers conferred by sub- section (1) of section 210A of the Companies Act 1956 (1 of 1956), the Central Government constituted an Advisory Committee called as the National Advisory Committee on Accounting Standards. To advise the Central government on the formulation and laying down of accounting policies and accounting standards for adoption of companies or class of companies under the Act.
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- Authorised Officer in Serious Fraud Investigation Office (SFIO) GSR No 416(E) dated 30.5.2008
In exercise of the power conferred by clause (ii) of sub- section (1)
of section 209A of the companies Act 1956 (1 of 1956) the Central Government
authorized list officers in the Serious Fraud Investigation Office ('SFIO),
Ministry of Corporate Affairs to inspect the books of accounts and other books
and papers of every company.
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